The Robert Half’s Workplace Survey, conducted specialist finance recruitment firm Robert Half, found that 51 percent of employers thought that insufficient talent retention measures was a key reason for the skills shortage in the accounting and finance sector. This belief was supported by the finding that 59 percent of employees would look elsewhere if their manager did not offer opportunities they thought they deserved.
As the skills shortage continues to be a serious issue for the finance sector businesses really need to focus on reducing staff turnover, according to the Director of Robert Half Andrew Brushfield.
“As competition for candidates heats up, it is going to become even more important for employers to have the appropriate retention measures in place to stop their staff from leaving,” said Mr Brushfield.
The survey found that the most popular way for businesses could stop staff from leaving would be to improve salary packages, with 64 percent of employees favouring this method.
As the job market becomes more favourable to candidates, employers are going to be increasingly challenged to offer competitive compensation packages, affirms Mr Brushfield.
“Employers need to start a dialogue with staff about their goals and aspirations. If an employee wants an opportunity that they are not ready for, it is up to the manager to provide the coaching and training to help them get to where they want to be,” said Mr Brushfield.
The survey also found that, in the past 12 months, 38 percent of Australian finance and accounting employees have been actively looking for another job and 37 percent have been approached by an agent or competitor about a job offer.